Every school has a financial aid office, and you can turn to the staff there for help with paying for college. Not only do they put together your financial aid package, staff will explain the process to you and your parents, answer any questions you have and keep you posted on anything you need Reminder: to do. On some campuses, the financial aid office will You must refile your FAFSA as help you find a work-study job and handle your timesoon as possible after ctober sheets so you get paid. It pays to stay in touch with the 1 every year to be eligible for financial aid staff so you can avoid any surprises. federal, state and institutional aid.
To refile go to fafsa.gov. Each college that accepts you as a student will prepare a financial aid package that shows the total cost of attendance (COA), your expected family contribution (EFC) and how much financial aid the school is offering. You don’t have to accept everything in the package. You can take the awards that are best for you. Take advantage of all the free financial aid you can get first — the grants and scholarships. If you still need help, take the loans, but only borrow as much as you absolutely need. You don’t want to have to pay back more money than necessary. Because you have a legal obligation to repay student loans, start a file and keep all the mail you receive about your loans — after you read it. State and federal programs generally have limits on how much you can receive, but many schools have their own funds. If you really want to go to a particular school but the financial aid package isn’t quite what you want, talk with someone in the financial aid office to see if you can qualify for more aid.
Sample Award Letter Total Cost of Attendance: $32,641 Financial Aid Awards
If all the aid was accepted, you or your family would need to pay $7,177 out-of-pocket for the year and you would have $5,500 in student loans that would have to be repaid plus interest.